In this post, we will review the Auto News Trader Forex Robot. This robot was developed by a 28-year-old college dropout. The creator claims that this EA can make a 1736% profit.
If true, a 1736% profit on the initial deposit is a mouth-watering figure. We therefore, decided to analyze this EA. We want to understand its strategies, performance from a real live account, and user reviews. Finally, we will let you know our recommendation, whether this EA is legit or another scam.
What is Auto News Trader?
A 28-year-old developed the Auto News Trader forex robot. The website also claims that he made a profit of 1736% over 2-years from trading economic news.
Trading economic news is a forex strategy that has been used for long. The strategy demands close attention to forex news releases. This is especially true for releases concerning delayed execution and increased spreads.
The website does not give much information about this EA. Currently, it only directs a prospective trader to follow some three steps to get access. However, on clicking the link, you are redirected to the same page.
So, we decided to traverse the internet to look for more information on this robot. Of great importance is the strategy and methodology this EA uses.
For this forex robot, the first step is to identify major news events using the forex factory calendar.
Secondly, the robot opens a trading position based on the news. The condition for opening is dependent on whether a high or low is broken in the news release. The last step is to exit from trading. Exit is based on methods such as trailing stop and cost averaging. With these two methods, the robot can make profits and trade for longer periods.
The robot also uses the scalping approach. This is to manage the volatility of the forex market, therefore opening and closing trades within a short period.
The price for this EA is listed as $397 in some marketplaces.
Lets now look at how this robot is performing. We will also check for customer reviews.
Auto News Trader Review
The results we get for this robot are only from its website and a third-party site called FX Blue. Results on the website show a 10% monthly return and 25,692 pips over a period of 2 years. Please note that we cannot verify the results on the website.
Results from FX blue show a similar monthly return of around 10%.
We found a real account that was last updated in 2018. The EA carried out 0.5 trades per day. Over a period of 240 days, the EA average a monthly return of 11%. Total returns stood at 138%, with a win rate of 82% from total trades. The drawdown for this EA stands at 5.7%. The results are impressive.
The average trade length for this EA was 2.4 mins. This is a testament to the rapid trading strategies of a scalping approach combined with trading news cycles. However, the risk of ruin for this EA is 78% which is quite high. The risk to reward ratio is also dismal at 0.4.
Our concern here is that this account was last updated in 2018. Was the account completely blown out? This is what usually happens when an account is ruined. The account owner simply stops updates.
We have not seen the mention of a risk control strategy. Experts advise that scalping is a risky strategy. Therefore, we would advise prospective buyers to be extremely cautious.
User experience is a great measure for any forex robot. For this EA, reputable sources have not listed any reviews yet. Having been around for more than 3 years, we expected the EA to have made some noise. We guess that traders really saw the whole issue behind the promise of abnormal profits.
The website states that a 28 year old college dropout is the individual behind this EA. It also claims that this individual was able to make 1,736% from trading economic news.
However, the website does not provide any evidence of this profit. The site does not provide the background information about the creator of this EA. We dug around and found out that the person behind this EA was Josh Hamilton. Unfortunately, there is no other data about this individual.
We always love it when we fully understand the background information of EA owners. In this case, we have no idea if this individual has any real experience in EA development or professional trading.
Some EA marketplaces are selling this forex robot. However, the fact that this EA has a real account that was last updated in 2018. We do not have any information of how this robot is performing currently. As a scalping EA, the risk of ruin for your account is extremely high.
More so, the EA lacks any customer reviews from reputable third-party websites. We recommend that you completely avoid this EA for now.
Despite being 28 years old, the developer of this robot did not make any effort to explain how it works. The website states that the robot achieved 1736% profit over a period of 2-years. If these stats were true, then this EA would be record-shattering.
However, he does not present any evidence of this. Therefore, we are hard-pressed to believe him.
If you have used the Auto Trader Forex robot, please leave a comment below. Tell us about your experience and if you made any money or not.